S. 5223 — NO PROFIT Act

This section defines terms used in the Act. It establishes definitions for covered government official (including the President, Vice President, Members of Congress, executive branch employees, judicial officers, and legislative branch employees, plus a 180-day post-separation period), covered family member, covered social media account, communication, generally available, prioritized access, prioritized covered information, and material information.

This section prohibits any person from purchasing, selling, or directing transactions in securities, commodities, futures, options, swaps, or speculative information market contracts while aware of prioritized covered information obtained through prioritized access and before the information is generally available. It also bars tipping such information to others likely to trade on it. The prohibition applies without requiring proof of a fiduciary breach or other duty. The SEC and CFTC enforce violations under existing authorities and must issue joint rules within 180 days.

This section prohibits social media platforms from knowingly offering prioritized access to communications issued through covered social media accounts. It imposes a civil penalty equal to the revenue received for the violation, recoverable by the Attorney General, while permitting algorithmic ranking at no extra cost, emergency public health and safety communications by agencies and first responders, and non-discriminatory programmatic or API access.